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Fair Value Measurements
12 Months Ended
Dec. 28, 2018
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 4: Fair Value Measurements
 
The Company measures certain financial assets and liabilities at fair value on a recurring basis, including available-for-sale fixed income securities, trading fixed income and equity securities held in its deferred compensation plan and the liability associated with its deferred compensation plan. There have been no transfers between fair value measurement levels during fiscal years 2018, 2017 and 2016. Any transfers between fair value measurement levels would be recorded on the actual date of the event or change in circumstances that caused the transfer. The fair value of these certain financial assets and liabilities was determined using the following inputs at December 28, 2018 (in thousands):
 
 
 
Fair Value Measurements at Reporting Date Using
 
 
 
Total
 
 
Quoted Prices in

Active Markets for

Identical Assets

(Level 1)
 
 
Significant Other

Observable Inputs
(Level 2)
 
 
Significant

Unobservable

Inputs

(Level 3)
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Money market securities
(1)
 
$
6,213
 
 
$
6,213
 
 
$
-
 
 
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed income available for sale securities
(2)
 
 
81,495
 
 
 
-
 
 
 
81,495
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed income trading securities held in deferred compensation plan
(3)
 
 
18,618
 
 
 
18,618
 
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity trading securities held in deferred compensation plan
(3)
 
 
39,160
 
 
 
39,160
 
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
$
145,486
 
 
$
63,991
 
 
$
81,495
 
 
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred compensation plan
(4)
 
 
59,349
 
 
 
59,349
 
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
$
59,349
 
 
$
59,349
 
 
$
-
 
 
$
-
 
 
(1)
Included in cash and cash equivalents on the Company’s consolidated balance sheet.
(2)
Included in short-term investments on the Company’s consolidated balance sheet.
(3)
Included in other current assets and deferred compensation plan assets on the Company’s consolidated balance sheet.
(4)
Included in accrued liabilities and deferred compensation plan liabilities on the Company’s consolidated balance sheet.
 
The fair value of these certain financial assets and liabilities was determined using the following inputs at December 29, 2017 (in thousands):
 
 
Fair Value Measurements at Reporting Date Using
 
 
 
Total
 
 
Quoted Prices in

Active Markets for

Identical Assets

(Level 1)
 
 
Significant Other

Observable Inputs

(Level 2)
 
 
Significant

Unobservable

Inputs

(Level 3)
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Money market securities
(1)
 
$
9,742
 
 
$
9,742
 
 
$
-
 
 
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed income available for sale securities
(2)
 
 
71,604
 
 
 
-
 
 
 
71,604
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed income trading securities held in deferred compensation plan
(3)
 
 
13,686
 
 
 
13,686
 
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity trading securities held in deferred compensation plan
(3)
 
 
39,664
 
 
 
39,664
 
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
$
134,696
 
 
$
63,092
 
 
$
71,604
 
 
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred compensation plan
(4)
 
 
59,050
 
 
 
59,050
 
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
$
59,050
 
 
$
59,050
 
 
$
-
 
 
$
-
 
 
(1)
Included in cash and cash equivalents on the Company’s consolidated balance sheet.
(2)
Included in short-term investments on the Company’s consolidated balance sheet.
(3)
Included in other current assets and deferred compensation plan assets on the Company’s consolidated balance sheet.
(4)
Included in accrued liabilities and deferred compensation plan liabilities on the Company’s consolidated balance sheet.
 
Fixed income available-for-sale securities as of December 28, 2018 and December 29, 2017 represent primarily obligations of the United States Treasury and other United States agencies. Fixed income and equity trading securities represent mutual funds held in the Company’s deferred compensation plan. See Note 11 for additional information about the Company’s deferred compensation plan.
 
The following table summarizes the cost and estimated fair value of short-term fixed income securities classified as short-term investments based on remaining effective maturities as of December 28, 2018:
 
 
 
Amortized
 
 
Estimated
 
(In thousands)
 
Cost
 
 
Fair Value
 
 
 
 
 
 
 
 
Due within one year
 
$
32,986
 
 
$
32,826
 
Due between one and two years
 
 
48,648
 
 
 
48,669
 
Total
 
$
81,634
 
 
$
81,495
 
 
At December 28, 2018 and December 29, 2017, the Company did not have any assets or liabilities valued using significant unobservable inputs.
 
The following financial instruments are not measured at fair value on the Company's consolidated balance sheet at December 28, 2018, but require disclosure of their fair values: accounts receivable, other assets and accounts payable. The estimated fair value of such instruments at December 28, 2018 approximates their carrying value as reported on the consolidated balance sheet.
 
There were no other-than-temporary impairments or credit losses related to available-for-sale securities during fiscal years 2018, 2017 and 2016.